Quebecor joins Quebec City arena project

Media giant Quebecor will be the official private sector partner in Quebec City's $400 million arena project.

Quebec City Mayor Régis Labeaume announced a 25-year partnership with the media conglomerate during a press conference Tuesday afternoon.

Labeaume said Quebecor would manage the arena's operations and acquire naming rights for the new arena, with or without the involvement of an NHL franchise.

But the amount of the media giant's investment will depend on whether the city can attract a team.

The company will contribute $63 million if an NHL franchise signs on, or $33 million in the absence of a professional team.

Quebecor will pay the city another $3.15 million annually for the right to manage the building.

Quebecor president and CEO Pierre Karl Péladeau had already shown interest in participating in the project last January, and praised it at Tuesday's announcement.

"We have confidence in the dynamic nature of the national capital, and its population. There is a lot happening here, projects are being realized, and we're happy to be a part of it," he said.

Péladeau said he would put all his energy into bringing an NHL franchise back to the provincial capital.

Quebec Premier Jean Charest and Labeaume recently announced the province and the city would split the cost of building the arena, but any private investment would be put towards reducing the costs incurred by the city.

The federal government has not pledged any financial support for the project.